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Tithing Tax Question
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EddieB
MidnightRider
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Tithing Tax Question
by MidnightRider Wed Jan 18, 2012 1:44 pm
In seeing all these post that we will need a quick cash out, would it be better to hold back 10% Dinar and tithe that or cash out and tithe in USD?
And in asking that, does not the taxable event occur when cash in is made whether the proceeds go to a non-interest bearing account or not? I think AJ may have said something about if we had an "intent letter" that may avoid any immediate taxes until we get our business structures in place. (but I may have heard wrong)
If the above is the case, the tithing of Dinar to me sounds like the way to go so I will not be taxed on it and then tithe it but I would like to hear from some people who have more expertise in this than I do.
Thanks.
And in asking that, does not the taxable event occur when cash in is made whether the proceeds go to a non-interest bearing account or not? I think AJ may have said something about if we had an "intent letter" that may avoid any immediate taxes until we get our business structures in place. (but I may have heard wrong)
If the above is the case, the tithing of Dinar to me sounds like the way to go so I will not be taxed on it and then tithe it but I would like to hear from some people who have more expertise in this than I do.
Thanks.
MidnightRider- VIP Member
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Re: Tithing Tax Question
by EddieB Wed Jan 18, 2012 2:02 pm
Let's get clear on tithing Dinar.
If you gift it to 501(c)3 charitable organization, the value is obviously its current value.
For example lets say you gift a 10K note, your gift value would be about $10 rounded.
If it revalues to say $3 and you then gift it, two new things have happened. The gift value has now gone to $30K. However, to take a $30K tax deduction on your return, you would have to include the appreciation in value ($30K -$10 or $29,900) as income. So in effect it is a wash ($29,900 as income & $30,000 as a tax deduction.
You can not take a $30,000 tax deduction for something where your tax cost basis is only $10.
If you gift it to 501(c)3 charitable organization, the value is obviously its current value.
For example lets say you gift a 10K note, your gift value would be about $10 rounded.
If it revalues to say $3 and you then gift it, two new things have happened. The gift value has now gone to $30K. However, to take a $30K tax deduction on your return, you would have to include the appreciation in value ($30K -$10 or $29,900) as income. So in effect it is a wash ($29,900 as income & $30,000 as a tax deduction.
You can not take a $30,000 tax deduction for something where your tax cost basis is only $10.
EddieB- Active Member
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Re: Tithing Tax Question
by ou812 Wed Jan 18, 2012 2:33 pm
Why is there gonna have to be a quick cash out?
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Re: Tithing Tax Question
by Dinar4silver Wed Jan 18, 2012 5:14 pm
ou812,
I'm assuming that you are referring to a quick cash out in the event that the rate comes out high from the beginning.
Answer to your question:
FEAR that the rate will drop quickly and unannounced as it did in Kuwait.
I can't help but think that the "Whales" and those connected, are being told that they must cash out quickly because the rate will be dropping.
After the "Whales" and "Connected's" and those common investors with large amounts of Dinar are done, do "they" really care if we get a higher rate?
My guess in no.
If it comes out high, I'm out of the game immediately!
I'm assuming that you are referring to a quick cash out in the event that the rate comes out high from the beginning.
Answer to your question:
FEAR that the rate will drop quickly and unannounced as it did in Kuwait.
I can't help but think that the "Whales" and those connected, are being told that they must cash out quickly because the rate will be dropping.
After the "Whales" and "Connected's" and those common investors with large amounts of Dinar are done, do "they" really care if we get a higher rate?
My guess in no.
If it comes out high, I'm out of the game immediately!
Dinar4silver- Elite Member
- Posts : 320
Join date : 2011-10-08
Re: Tithing Tax Question
by CaptnJerry Wed Jan 18, 2012 5:28 pm
Dinar4silver wrote:FEAR that the rate will drop quickly and unannounced as it did in Kuwait.
When was this? Are you talking about when Iraq came in and took over the banks in Kuwait?
CJ
*****************
Inspired by Splovengates "Be ready between sunday and monday night, or maybe tuesday or wednesday, could also be thursday but definitely by friday.... probably next week, monday or late tuesday night, wednesday morning to hear the rv and should be cashing in on the following tuesday the 1st part of january or february. Sooner more than later. But no later than the beginning of 2013. Certainly not before then. Until then, let's enjoy the ride!
Come on RI/RV!
CaptnJerry- Elite Member
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Re: Tithing Tax Question
by 1alaskan Wed Jan 18, 2012 5:56 pm
It would be best to ask a tax expert in your state.
Much safer that way.
Much safer that way.
*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant
Yesterday would have been better, but today is a good day
Remember as always, JMHO
Rantings from just north of sixty
1alaskan- Elite Member
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